Delhi:Former ICICI Bank CEO Chanda Kochhar has been found guilty of accepting a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) delivered this verdict, stating that the payment was a clear quid pro quo arrangement involving her husband Deepak Kochhar and a company linked to Videocon.
Loan Sanctioned Despite Conflict of Interest
The tribunal observed that Chanda Kochhar had a clear conflict of interest in approving the loan, violating ICICI Bank's internal policies. Despite this, she sanctioned multiple loans to Videocon Group totaling approximately ₹1,875 crore. The loan was sanctioned in 2009, and whistleblower complaints flagged conflict of interest in dealings in 2016.
Investigation and Arrest
The Central Bureau of Investigation (CBI) began a preliminary probe in 2018, and Chanda Kochhar resigned as CEO of ICICI Bank. The Enforcement Directorate (ED) attached assets worth ₹78 crore belonging to the Kochhars, which was later overturned by the Adjudicating Authority but reinstated by the Appellate Tribunal. Chanda and Deepak Kochhar were arrested by CBI in 2022 but were granted interim bail by the Bombay High Court.
Recent Developments
In 2024, the High Court declared their arrest unlawful and an abuse of power. Recently, in July 2025, the Appellate Tribunal delivered the guilty verdict, stating that Chanda Kochhar's actions were in clear violation of her duties as CEO of ICICI Bank. The tribunal's decision has significant implications for the Kochhars, who may face further legal consequences.
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